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Ray Dalio of Bridgewater Associates took home $3.9 billion last year. Fellow investment kings Carl Icahn and James Simons each made off with more than $2 billion. To the average plebeian, that’s a lot of money. But for the top 25 hedge fund earners in the U.S., 2011 was the year that they collectively took a 35% pay cut and suffered one of the least profitable periods in their history, according to an annual ranking from investment magazine AR. Blame the European debt crisis, which roiled markets around the world and made timing the markets even more difficult than usual. Overall, the pool of managers made $14.4 billion last year, down from more than $22 billion the year before,...

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Ray Dalio of Bridgewater Associates took home $3.9 billion last year. Fellow investment kings Carl Icahn and James Simons each made off with more than $2 billion. To the average plebeian, that’s a lot of money.But for the top 25 hedge fund earners in...